{
  "id": 5145538,
  "title": "Ukraine says it busted a Kyiv crypto ring that drained EU citizens’ wallets",
  "url": "https://urgent.news/2026/09/02/ukraine-says-it-busted-a-kyiv-crypto-ring-that-drained-eu-citizens",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-02T18:22:35.000Z",
  "source": {
    "name": "Euromaidan Press",
    "slug": "euromaidan-press",
    "url": "https://euromaidanpress.com/2026/09/02/ukraine-kyiv-crypto-fraud-network-eu-citizens/"
  },
  "original_language": "en",
  "account": "Ukraine's Security Service (SBU) dismantled a Kyiv-based group of over a dozen individuals who allegedly used fake cryptocurrency investment platforms and malicious software to steal digital assets from European Union citizens, according to the SBU's report on September 1st. The alleged mastermind of the scheme was a 25-year-old IT specialist from Kyiv, as identified by the SBU. The criminal network extended its reach beyond Ukraine, with the SBU stating that the victims were victims from EU countries. The group's monthly income from illicit activities could have reached up to $1 million during its most profitable periods, reported the SBU. The SBU disclosed evidence of the alleged offenses committed by each member of the group, although the agency did not provide details on the duration of the operation, the number of EU citizens impacted, the countries where they resided, or the total amount of assets allegedly looted. The agency did not name any foreign law enforcement partners involved in the operation. The alleged modus operandi of the crypto ring involved recruiting other tech professionals in the capital, posing as representatives of cryptocurrency platforms, and offering targets allegedly lucrative investment opportunities in digital assets. The network lured potential victims through popular Telegram channels, showcasing fabricated trading results and fake profits to make the operation appear legitimate. Intrigued targets were directed to a counterfeit website that resembled a genuine crypto service and encouraged them to connect their wallets and approve transactions. The counterfeit site contained malicious code known as a \"drainer,\" which enabled the operators to withdraw the victims' assets to the operators' controlled addresses, leaving the victims' wallets empty. During 23 searches of the suspects' residences and offices, law enforcement seized mobile phones, computers, cash believed to be from criminal activities, and 16 high-end vehicles, including Porsche, BMW, and Mercedes-Benz models. The SBU is still determining whether to issue notices of suspicion, and the investigation is ongoing under the jurisdiction of the Prosecutor General's Office. Those implicated could face up to 12 years in prison, with confiscation of their property. Ukraine has previously collaborated with foreign agencies to combat cross-border cyber threats. In April, the SBU announced a joint operation with the FBI, EU law enforcement, and Polish counterintelligence to disrupt Russian military-intelligence espionage through hacked routers, which blocked over 100 servers and removed hundreds of routers from Russian control in Ukraine.",
  "summary": "The SBU says the alleged scheme’s monthly turnover from stolen funds could reach $1 million during its most lucrative periods.",
  "key_points": [
    "Ukraine's SBU dismantled Kyiv crypto ring stealing from EU citizens",
    "25-year-old Kyiv IT specialist identified as alleged mastermind",
    "Monthly income from illicit activities could have reached $1 million"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}